Private Equity
SensorUp, a Calgary Internet of Things (IoT) for geolocation platform, has raised $2 million in a seed-stage financing. The round was led by Vanedge Capital, a Canadian venture capital firm. Founded in 2011 by CEO Steve Liang, SensorUp provides data, analytics and artificial-intelligence solutions that enable organizations to aggregate IoT data from multiple systems and transform them into actionable insights. The company plans to use the funds raised for a go-to-market campaign and to create new solutions for smart cities, first responders and field-service management. Last year, Vanedge closed its second fund, Vanedge Capital II, at $161 million.
3 min read · 05 June 2018
Montréal-based real estate technology company NestReady has raised a new, undisclosed financing that brings its total funding so far to $5.7 million. Investors in the latest round include National Bank of Canada and Peter Aceto, former CEO of Tangerine (ING Direct). The company has previously been backed by TechStars, 500 Startups, BDC Capital, 7Seas Partners, Stage1Ventures, NXT Ventures and angel investors. Founded in 2012, NestReady's platform streamlines the home-buying process to include everything from home search and property visits to selecting agents and financing. The funds raised will be used to advance artificial intelligence capabilities.
3 min read · 04 June 2018
White Star Capital, the startup funder co-founded by ex-technology deals banker Eric Martineau-Fortin, has raised a second, US$180 million fund that was significantly oversubscribed, Reuters reported. The fund, which had originally aimed to raise US$140 million, will look to invest US$1 million to US$6 million in about 20 new companies and has already invested in eight. White Star, which has its Canadian office in Montréal, said it would continue to focus on companies that use data as a competitive advantage and which it can help grow globally.
2 min read · 04 June 2018
Raising a Series A takes a lot more than many entrepreneurs think, Lauren Jane Heller, director of communications at Real Ventures, writes in a PE Hub Canada feature article. While the seed round is about validation, the Series A is about scale, she notes. But how does a company know that it’s time to raise a Series A and what's best way to ensure success? Heller asked several Canadian founders for the best advice they got as they prepared to raise millions.
9 min read · 01 June 2018
PetalMD Solutions has acquired Xacte, a Québec City-based company specializing in web solutions for medical billing. No financial terms were disclosed. The deal was backed by the Growth and Transition Capital division of BDC Capital as part of its investment in PetalMD's Canadian and European growth strategy. PetalMD, a Québec City-based provider of web and mobile productivity tools to healthcare professionals, said the Xacte buy will add more value to its products. Founded in 2009 by CEO Patrice Gilbert, the company currently serves more than 37,000 physician users in over 150 healthcare institutions and 1,400 hospital departments.
3 min read · 01 June 2018
Sustainable Development Technology Canada (SDTC) has invested $26.3 million in four Western Canadian companies, three of them venture capital-backed. The latter are D-Wave Systems Inc, a Vancouver quantum computing systems developer, which received $10 million; MineSense Technologies Ltd, a Vancouver sensor-based ore data and sorting solutions provider, which received $4 million, and; Ionomr Innovations Inc, a Vancouver maker of advanced ion-exchange membranes, which received $2.3 million. Calgary's MEG Energy Corp also took $10 million to improve oil sands bitumen recovery while reducing emissions and water consumption.
3 min read · 31 May 2018
Honest Buildings, a New York-based project management and procurement platform for real estate owners, has increased its Series B financing to US$30 million. The additional investment of US$5 million was led by First Capital Realty Inc, a Canadian owner, developer and manager of grocery-anchored retail urban properties. It joins the company's existing investors. They include Brookfield Property Partners, GreenSoil Building Innovation Fund, Oxford Properties Group, the real estate investment arm of OMERS, and QuadReal Property Group, owned by British Columbia Investment Management Corp.
3 min read · 31 May 2018
Toronto innovation hub MaRS Discovery District has appointed Annette Verschuren as chair of its board of directors, effective today. Verschuren replaces Gord Nixon, who will remain on the board. Verschuren, a Canadian entrepreneur, is currently chair and CEO of NRStor Inc, a Toronto-based clean technology company specializing in energy storage project development. Her previous executive roles include president of The Home Depot Canada and Asia and president and co-owner of Michaels of Canada. Last September, MaRS appointed NFQ Ventures' Yung Wu as its CEO.
3 min read · 31 May 2018
Ecobee Inc has secured an additional $47 million investment led by Caisse de dépôt et placement du Québec, AGL Energy Ltd and Business Development Bank of Canada (BDC). The deal adds to the $80 million Series C financing raised by the company earlier this year, bringing the total to over $127 million. As a result, Ecobee, a Toronto-based developer of a smart Wi-Fi thermostat, has raised total funding of more than $200 million. President and CEO Stuart Lombard said the funds raised will accelerate the company's growth, in part through additions to management, including Jackie Poriadjian-Asch as chief marketing and revenue officer, Scott Cleaver as COO and David Brennan as CFO.
5 min read · 31 May 2018
Construction technology provider Katerra has acquired Michael Green Architecture Inc (MGA), a Vancouver-based specialist in architecture designs, including mass timber construction projects. No financial terms were disclosed. Menlo Park-based Katerra said the deal will facilitate "more sustainable, cost effective and elegant architecture options" to North American and global markets. MGA will continue to be run by existing management, led by President and CEO Michael Green, who founded the company in 2012. Venture-backed Katerra earlier this year announced the close of a US$865 million Series D financing led by Japan's SoftBank Vision Fund.
3 min read · 30 May 2018
